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Third Touch Confirms the Trendline

Third Touch Confirms the Trendline

2010-07-15 18:52:00
Richard Krivo, Trading Instructor
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Instructor’s Response:

 
Using the historical chart posted, the trend would be to the upside. Also, entering a trade on the third touch of a trendline for confirmation is a good approach to employ. (Keep in mind, when drawing trendlines, however, that they can go through the wicks of candles but not the bodies.)
 
Once that "third touch candle" closes and has respected the trendline...meaning the body of the candle has not closed below it...a trader can take a long position at the opening of the next candle after trendline confirmation with a stop below the longest wick...see the chart below.
 
 
chart 7 15 10

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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